SVG projected to record highest GDP growth in Caribbean for 2023 after Guyana – IMF
St. Vincent and the Grenadines is projected to record Real GDP growth of 6.2 percent this year, the highest in the Caribbean after Guyana.
The International Monetary Fund – IMF released the information earlier today (October 10) in Marrakesh, Morocco at the Annual Meetings of the World Bank and the IMF.
This country’s Minister of Finance – Hon. Camillo Gonsalves and the Director of Planning – Mr. Recardo Frederick is attending the meetings in Morocco.
This country’s 6.2 percent growth for 2023 is second only to Guyana’s 38.4 percent Real GDP growth.
In its publication entitled IMF World Economic Outlook – Caribbean Focus, the IMF said: “In the Caribbean, tourism-dependent countries experienced a strong rebound in 2022, averaging over 9 percent GDP growth, and they are expected to grow by 3.2 percent in 2023 and 2.3 percent in 2024”.
“The ECCU averaged 9.9 percent growth in 2022 and the IMF projects continued robust growth of 4 percent or more in both 2023 and 2024,” the IMF said.
“The economies of Caribbean commodity exporters expanded rapidly in 2022 and are expected to continue to experience double-digit growth in 2023 and 2024,” the global funding institution stated.
On the issue of inflation, however, the IMF stated that “Inflation varies considerably across countries, but in most cases has slowed in 2023 from the high rates of 2022, and it is projected to ease further in 2024”.
St. Vincent and the Grenadines is projected to record 5.4 percent growth in 2024. Inflation in St. Vincent and the Grenadines is projected to be at 4.4 percent this year and 2.4 percent in 2024, according to the publication.
Photo credit: NBC Files
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